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in five months because of the looming fiscal cliff. consumer spending bounced back after dipping in october. >> overall sales will be up 5-6%. >> but at the same tie he said shoppers are holding back and the businesses are holding back on filling positions, because the economic climate for 2013 is uncertain. doug? >> can't get out of neutral. >> can't get out of neutral. >> we'll have more on this with the panel. washington did not get a fiscal cliff deal for christmas so that means president obama and lawmakers will need to kick it to overdrive to get something done by new year's. this is easier said than done. >> after weeks of bitterness, this is not a contest of the parties between who looks good and who doesn't. >> the only thing both sides agree on now is christmas may provide a cooling off period. >> ebb can drink eggnog. have christmas cookies. sing christmas carols. enjoy company of loved ones. >> hope springers eternal. >> when the christmas trees come down tomorrow from waikiki beach and elsewhere, the nation will be staring at the cliff that economists warned could sp
. as taxes go up on middle income people, if that happens because of the fiscal cliff, they will spend less money at cash register. the businesses they buy from will buy less from fastsigns. melissa: thank you very much. i wish we had more time. promise me you will all come back. >> come back. melissa: thanks so much. >> thank you. melissa: just when you thought there couldn't be anymore bailouts, think again. the federal housing administration is on the verge of collapse and you and i could be stuck with the multibillion-dollar tab. >>> syria's regime now loading bombs with sarin gas? is this ready to blow through the u.s.'s so-called red line? details on this story coming up. do you ever have too much money? john is 42. mortgage. married. two great kids. he wants to protect his family with a $500,000 term life insurance policy. what do you think it'll cost him? a hundred dollars a month? sixty? forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of
cliff. avoid the fiscal cliff, billions in tax hikes and spending cuts will kick in. that uncertainty sparked another day of selling on wall street christmas eve. the dow dropped almost 52 points. >>> one of the most popular gifts under the christmas tree? gift cards. the national retail federation survey found 81% of shoppers bought gift cards this year spending an average of $150 each. >>> despite an increase in gift cards sales retailers anticipate holiday sales will be disappointing. while spending is expected to be up over last year, it is expected to be less than businesses were hoping for. >>> smart phones are a popular gift this year. next year smart cameras could be a big hit. they are already a couple on the market. nikon's new camera has wi-fi gps and many of the apps you'll find on an android smart phone. samsung's galaxy cam can also go an line allowing you to take pictures and immediately share them on social media. other companies are working on similar devices for next year. that's your money watch. for more business headlines go to cbsmoneywatch.com. in new york, i'm
in hawaii and, yes, christmas brings us one day closer to possibly the fiscal cliff, the huge tax increases, spending cuts that could take effect in one week or so. brianna keeler is watching there in hawaii, joining us with the update. first of all, how is the president, how is the first family spending the holiday? >> presumably right now they are sleeping in, suzanne, because it is still very early here as you know. >> what time is it? >> we are expecting of course they'll have a christmas. let's see. 6:00 in the morning bright and early. we've been at it for a few hours. we expect them to have a nice christmas meal at the house they're renting. the white house chef is here. maybe we'll get details on what they are going to eat. there is nothing on the president's public schedule. he is frequently gone and visiting with troops in the past so we wouldn't be surprised if he did that again today. i will tell you that bo the dog is actually along for the ride here in hawaii and the white house released a video where bo just really kind of steals the show. let's look at a little of that. this
as retailers had hoped. melissa: there are people out there blaming the fiscal cliff. that seems ridiculous. how could that prevent you from spending money on holiday shopping? >> i think that is correct that people, that is something in the future. consumer spending has been slower since the middle of the year. that was evident in the third quarter of the gdp growth. wages have not grown rapidly enough. the housing market -- it has recovered from a very low level and prices are still down quite a bit. the volume is not that big. melissa: online shopping is up 16% this year versus last year. is that just eating into regular brick-and-mortar sales? >> that is real growth in that segment. it is eating into brick-and-mortar sales. in addition to best buy, we had circuit city. they are gone now. i think we will see more of that. shopping malls are being converted into other purposes. there are lots of things that i can buy online. melissa: absolutely. i bought every single thing online this year. i am so proud of myself. it is so much easier. i wonder, we sell the total number back, do you thin
the evening with his family. >>> it may be christmas eve but the fiscal cliff is not far from the minds of lawmakers. the president and congress left washington on friday for the holidays with a promise to return later this week. there is only a week left to avoid tax hikes and spending cuts that will impact almost every american. tonight it appears democrat senate leader harry reid may take the lead in crafting a comp mice to prevent tax hikes on at least the middle class. the president was in hawaii for the funeral of senator daniel minoli. >>> one of the president's last acts before leaving washington caught some holiday travelers offguard today. grace lee on how an unexpected federal holiday scuttled some christmas vacations. >> i'm really upset. at this point, i don't know what can we do now? just wait. we've been here since 7:30 in the morning. my appointment was at 9. >> reporter: stranded an christmas eve. it was the same story for dozens who were supposed to pick up pass ports today. some had confirmation numbers. >> extremely frustrating and disappointing that i'm not going t
-- if not resolving the fiscal cliff, at least trying to avoid the blame. darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard & poors' gabe pettek says those details could still be months away. >> even if the policymakers in washington, d.c., resolve the immediate issue before january 1 or shortly thereafter, we think there are going to be several details related to the administration of tax policy and the way the federal government spends money that will have an important ef
. the fiscal cliff fiasco. the obama plan, to the speakersi boehner plan, it will either o alter the rising rate of spending were less than the science of our bloated government. the answer in tonight "chalk talk" is coming up so, this board gives me rates for progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? yes. rates for us and them -- now that's progressive. call or click today. lou: you know, everybody's getting pretty excited about that fiscal cliff negotiation or impasse, however you want to3 style it. mayi want t showu, lou: everybody is getting re ofed about the fiscal clifft, negotiation. i thought i would show you what thuld happen if we change into the speaker boehner plan, the president obama plan, let's start out with the do-nothing plan because that's the plan we0 have right now. the cbo estimates fiscal year 2013 deficit will b
he will make a full recovery. >>> they are trying to reach a last minute deal to avoid the fiscal cliff. they rejected house speaker john boehner's plan "b" and they say it will not be reached until they match spending cuts. they will raise taxes on the wealthiest americans. >> we will go over the cliff because it is what the president wants. >> we will present a tax hike on middle-class americans... >> without a deal spending cuts will take affect in the new year and economists warn it could lead to a recession and big jump in unemployment. >>> and before the end of the year, right now homeowners do not have to pay tax on a portion of the mortgage short sale or principal reduction, in authority sale, they could soon own income tax on part of what they had to pay. >>> officers are looking for and they say he killed his brother-in-law. he left in an orange truck and he is considered to be armed and dangerous. >>> they are banning together to find an answer to problems putting escalators out of service. there are many things that can put escalators out of service, dropped keys and c
to deal with the long-term fiscal health of the country which is what the fiscal cliff was supposed to be an incentive to do, we're expecting now that this is just some measure to avert the fiscal cliff which is the tax hikes, the spending cuts, each if they deal with the spending cuts and we're waiting to see what the measure will look like. i know what a hard-hitting white house reporter you are. i want to know whether it's apple kay, pumpkin pie or peekan pie for the president and first family on christmas day. any news on the menu? >> reporter: no, i am still waiting to find out. maybe we'll find out a little later today. you don't frequently find out until they have just released it, until the white house releases the information so we'll be standing by to let you know how the president spends his holiday. nothing on his public schedule, but, you know, he normally visits with troops so we're expecting he might do that today here in hawaii. >> that would be a wonderful way to spend christmas day. brianna keilar live from honolulu, hawaii, thanks. >>> other stories in the news, a
press that folks are starting to accept that weekend in fact plunge right off that fiscal cliff. after all we are a little more than a week away from the deadline when the spending cuts and push us back into another recession. lawmakers do plan to return to washington later this week to try to hammer out a last-minute deal. for now president obama and the first family are celebrating christmas in hawaii and that's where our ed henry is traveling with the president now live in honolulu. ed? bottom line the president is here in hawaii but might not be here for long. shortly after christmas likely to go back to washington. try and broker some sort of a deal. you remember before he left for hawaii, he announced that he wanted more of a short-term deal. sort of scaled back stop gap measure so that that big grand 4 trillion-dollar. instead he wanted to extend tax cuts for the middle class. he wanted to extend benefits for 2 million people that will lose those benefits a week after christmas. republicans are saying they think the president actually wants to go off the fiscal cliff for politic
that would happen if this fiscal cliff deadline comes. his package also has some spending cuts. however the problem with his package is that he hasn't talked to any republicans. it's not a bipartisan package. he's working on this by himself to hopefully step in and maybe make a compromise himself. but begin this deadline's looming and you know tuesday is going to come pretty quickly. >> well, they need to get back to work. enjoy the holiday back to work tonight if not tomorrow. okay edward lawrence, thanks so much have a great holiday and thanks for that live interview. >>> well it is not just the fiscal cliff that we're closing in on. probably never heard of this one. there could be a dairy cliff beginning next year you could be paying as much as $7 for a gallon of milk. if congress doesn't step in. with all the concerns over the fiscal cliff, that we've just been talking about, several other legislative matters are falling by the wayside including a stalled farm bill. that includes the dairy subsidy and set to end january 1st sending us back to the 1950s policy requiring the governmen
likely we will go over the fiscal cliff following the failure of joan boehner to get higher taxes on wealthy americans. if the president and congress can't agree, government spending cuts and tax hikes will kick in automatically. market watchers feel it could push the competent back into recession. >> carolyn: instapgram has triggered a class action lawsuit. the claim was filed against facebook that owns the service. infagram that changed its terms of service. idea was abandoned after an outcry from users. lawsuit alleged they breached the contract with users in tweak that go policy. facebook has not responded to the suit. >> dan: a new requirement that forces california lawmakers to drive their own cars for legislative business is paying off. they report the state has saved $240,000, n taxpayer money since the new rule went into effect one year ago. california lawmakers were given a car paid by the state. this year that practice ended. they must drive their own cars, the savings was achieved because many legislators cut their driving habits in half. >> carolyn: big television scr
old. kelly: we are now just seven days away from going over that so-called fiscal cliff and when automatic tax hikes and spending cuts kick in. there are several different ways this drama could play out on capitol hill to the white house. from no deal at all to a big agreement just in time, just in the nick of time i should say but those are not the only scenarios out there. brad blakeman, former deputy assistant to president george w. bush. stephanie max he willwell, democratic strategist and columnist. they join us to shed light on this. what are we going to do about the fiscal cliff when it is looming so -- if they do something about it and get back to congress this week as they're supposed to do. do they have enough time to get it done? >> i don't know if they have enough time to get it done, if republicans in the house are not willing to make any substantive concessions. and that means that they need to listen to what american voters said in november and raise the tax rates on the top 2%. that is what everybody voted for and that's what we want. and so i think that republica
motive. >> terrible story. a week before the fiscal cliff, tax hikes for all americans and spending cuts that could pull the economy back into recession. ho, ho, ho. that makes everybody happy on christmas morning. president obama spent christmas eve playing a round of golf with friends and the democratic senate looks like the only hope for crushing the deadlock. our white house correspondent brianna keilar maybe with a little bit of news which is pathetic because it's talks within the democratic party, but at least they are talking. >> reporter: that's right. is it really news that democrats are talking? that's all the news we have to report as of today. i know i feel a little bit like a grinch reporting this, but the white house is in talks with senate democrats. that's not really surprising as we look to the senate to be the next -- really the next ones to act on this when they reconvene on the 27th. right now it's really up to senate majority leader harry reid to try to cobble something together that can get some republican support in the senate and the house to avoid the fiscal clif
>> with congress in recess. and the president on vacation in hawaii. not much is happening in the fiscal cliff situation. it would mean a series of tax hikes and spending cuts taking effect in about a week. on wall street. the dow lost 52 points in a shortened christmas eve trading day. the nasdaq dropped eight. and the s-and-p lost 3 points. >> catherine: there could also be what you might call a 'dairy cliff'. beginning next year, you could pay as much as seven dollars for a gallon of milk if congress doesn't step in. with the focus on the fiscal cliff - other legislative matters are falling by the wayside.including a stalled farm bill. certain protections for farmers are expiring. one of them is the dairy subsidy, which ends january first. if congress doesn't act before then, the u-s would revert back to a 63-year-old dairy policy. it would force the government to buy milk at inflated prices, driving up the cost.. ------------------------ now showing les miserables- >> quentin tarantino takes movie goers to the deep south of a plantation owner ...with leonardo eicaprio samuel l. jackson and
later this week as america gets closer to the fiscal cliff. some larrymakers are now calling for a small scale deal as a temporary fix. >> i think it's impossible to get any kind of grand bargain or comprehensive package. i think we're dealing right now with whether or not we can put off the increases in tax rates. that's really all we can deal with right now. >> the house will stand in recess subject to the call of the chair. >> reporter: congress recessed after republicans rejected john boehner's compromise. he proposed letting tax cuts expire for those making over $1 million a year. other republicans say it's time for a deal. >> i agree with him. i don't think we ought to increase taxes on anyone. however, we're now at a point where we're not going to get what we think is right for our economy and our country. >> with congress coming back, the president will also reportedly cut short his holiday vacation in hawaii. democrats hope mr. obama will continue to fight for a complete agreement, not just a temporary patch. >> i definitely hope that he can and will continue to push for as big
on fiscal cliff negotiations. before he left washington, the president said he believes a deal could be made before the december 31 deadline. >>> u.s. troops celebrated their 12th consecutive christmas in afghanistan. service men and women attended a service at the nato base in kabul, sang some carols, then enjoyed a holiday dinner. >>> and coming up on the "morning news," he may be messy funny, jack klugman from "the odd couple "has died. a look back at his remarkable career. [ female announcer ] introducing u the latest coffee machine from nespresso. modular. intuitive. combines espresso and fresh milk. the new u. nespresso. what else? available at these fine retailers. >>> firefighters in california battled a raging river yesterday to rescue a homeless man. he was living on an island in the los angeles river and got into trouble after a fast-moving storm tore through the area. rescuers used an inflatable boat to reach the island and tossed ropes to the man which he tied around a tree. the man was taken to the hospital and treated for hypothermia. >>> former president george h.w. bush is s
is expected back in washington later this week, just before the fiscal cliff deadline. >>> congress also home for the holidays and that means there's not a lot going on with the fiscal cliff negotiations. if no deal is reached in one week, the tax cuts enacted under president bush will expire and 1.2 trillion in spending cuts will automatically go into effect. if we do go over the fiscal cliff, how will it affect you from your paycheck to your retirement accounts? we're going to give you all the tips you need to protect yourself. here to do that this morning is ry ryan mac, president of opt middle school management. >> kudos for being able to pronounce that honolulu merry christmas saying. >> i don't think i can do it again. ahah! let's start with your paycheck as it applies to the fiscal cliff. if we go off the fiscal live how will mooirn and everybody's paycheck be affected? the majority of the paycheck won't be afeektded until 2014 when people file for 2013 stackses. there are certain things that are impacted right away like the payroll tax cut. for individuals earning about $50,000 a year
. people who make between $75,000 to $100,000 will pay almost double that. news about the fiscal cliff has not been good with the president and congress far apart. if they can't agree on a budget plan by january 1st, government spending cuts will increase automatically. market watchers worry that it will put the country into a recession. >> dan: annual toy drive is in full swing. there are not enough toys so far. so a plea is going out to lefty o'doul's at union square. that is where tomas ramon is live with the story tonight. >> reporter: i seek behind me there are firefighters here, they are collecting toys that people are driving by and dropping off. they collected 4600 toys so far. it's far less than 15,000 they were hoping to collect so they are asking people if they can't want to give a toy for christmas drive by and drop off a gift. six-year-old jordan young has new toy cars for christmas. he is one of three dozen children who are getting gifts early. 8-year-old appreciate yachts what is being done for her neighbors. >> it is great especially the kids that don't have things. >> repo
will be better than years past. the fiscal cliff crisis and other factors kept spending down. retailers are expected to slash prices starting tomorrow to get items off the store shelves. ainsley? ainsley: thank you, clayton. he has performed on all five continents for presidents and foreign dignitaries. the only person to graduate from the julliard school of music with a double major in piano and organ. randall atcheson joins us with a holiday medley from his christmas album. ♪ . ♪ . ♪ ♪ ♪ ♪ ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you 15 % or more on car insurance. someone get me a latte will ya, please? [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announc
going to put us in recession, regardless of the fiscal cliff. >> glover for questions made the comments yesterday on cnn if a -- grover norquist made the comments yesterday on cnn. >>> new this morning, 7-eleven trying to get healthier. the chain is in the process of introducing more nutritious items. that includes yogurt parfaits and lean turkey sandwiches. 7-eleven wants 20% sales to come from fresh foods byb7ñ the end of 2015. also retooling old favorites. jelly doughnuts sold in miniature versions. >>> that ipad under your tree may already be out-of-date. a japanese tech blog reports a new version of the popular tablet will hit stores in march, the blog says the new ipad will be thinner and lighter than the last, possibly as thin as the ipad mini. >> here's bloomberg reporter deborah costra. >>> good morning. merry christmas if you want to keep holidays merry and avoid unexpected medical bills remove all medications from cabinets into a secure area to protect loved ones who might be visiting, they can be taken by mistake or worse. more than half of the people addicted to prescripti
Search Results 0 to 27 of about 28 (some duplicates have been removed)